Uma avaliação dos impactos de melhorias nas condições de financiamento a projetos de infraestrutura

Abstract

The study simulates the effects of interest rate reduction and extended term, promoted by the public sector, for financing an infrastructure concession, considering the impacts on consumers, project shareholders and public accounts. The critical hypotheses are: (i) the concession auction is competitive, winning the one with the lowest tariff proposal for the consumer; and (ii) to obtain financing, the project’s operational cash generation forecast must always be higher than debt service. The result is a drop in tariff, which reduces the net remuneration of project shareholders, even considering the drop in debt service. The decrease in present value of consumer spending is greater than the public policy fiscal impact. This difference increases substantially when the financing term increases.